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As long as the internationals continue to show this kind of positive performance, the U.S. markets should benefit as not to be left out of the excitement.
In another week of oooo's and ahhh's, the US markets continued to power higher through mid week taking their cue from both the latest new highs in the DAX and All Ordinaries indices, while the DAX and FTSE advance/decline lines saw new all time highs before Friday's quarterly OPEX session provided a much needed pause to refresh. While NYSE Composite advance/decline line pulled up short by 326 net advancing issues from seeing new all time highs of its own, the NYSE Common Only and Specialty CEF advance/decline lines were both able to set new record highs during the week. We also saw a good week in the NYSE Bond CEF advance/decline line as the Fed's reaffirmation of their intention to keep monetary policy fluid provided the spark that was needed to move it out of its doldrums and it settled at its highest levels since the beginning of August. We also note that interest rates on the 10 year note finally broke below its advancing trendline on this same announcement in what should turn out to be a downside target of around 2.55%. The price of gold and silver had a turbulent week, but both settled negative week over week. Meanwhile, the Precious Metals and XAU advance/decline lines also gyrated wildly, but they too settled pretty much where they started on Monday morning. Although things still look corrective in nature, next week will be an important one as to whether we'll continue to hold at current support levels on both of these money flow lines or not. Any break to new lows in both of these A/D lines would be a highly bearish event for this asset class as it would then open the door to see a much deeper retracement of the June-August advance if not an all out challenge of the late June lows themselves. Have a great week of trading! US Equity Markets : US Interest Rates : US Real Estate : Precious Metals: Australia: England: Germany: __________________ Dave's LinkedIn Profile Technical Watch Twitter Page Technical Watch Facebook Page "As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan "An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan "What we see depends mainly on what we look for" - John Lubbock "The eye sees only what the mind is ready to comprehend" - Henri Bergson “Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977 "You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977